Here's our latest Friday wrap-up of key news from the week.
This week was a busy one for new cat bond offerings, as market activity accelerates in Q2.
Florida Citizens began marketing a $975m Everglades Re issue; Slide targets its biggest Purple Re cat bond yet; Louisiana Citizens launched a $200m Bayou Re deal; USAA is seeking a $400m aggregate Res Re; debut sponsor Utica National seeks its first Genesee Re cat bond; Palomar targets its largest Torrey Pines Re deal yet; US Coastal seeks its first 144A Chartwell Re cat bond; and Peak Re is adding parametric cover to its second Black Kite Re deal.
Elsewhere in the cat bond market, the price guidance narrowed for Zenkyoren's latest Nakama Re quake cat bond.
Meanwhile, UCITS cat bond funds grew by 11% in AUM during Q1 2025, to reach a new high of $15.3bn.
The group of UCITS cat bond funds delivered an average return of 1.38% in the quarter.
We also reported that despite global financial market volatility no "dash for cash" has been seen in the cat bond market, with multi-strats and hedge funds said to have held their positions.
In other news this week, Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC) is taking on co-investment management duties for the range of catastrophe bonds and ILS funds offered by global asset manager GAM.
However, Fermat Capital Management told us that the firm was not consulted on the termination of its investment management partnership with GAM.
Cat bond fund managers said that the market has remained stable and resilient in the face of broad uncertainty and volatility in wider financial markets.
Gallagher Re noted that alternative capital has been the main source of inflows to the reinsurance market through 2024.
Tropical Storm Risk (TSR) provided guidance for landfalling storms during the Atlantic season, saying that it forecasts there could be 2 hurricane landfalls in the United States this year.
The second video from our ILS NYC 2025 conference is now available to view, with a parametric ILS investment discussion.
Sutton National revealed a new $70m sidecar deal under the Greenshoots Re structure.
In people moves, Euler ILS Partners hired a Head of Wholesale Distribution and an Investment Analyst, GAM hired Rom Aviv as Head of ILS, The Fidelis Partnership hired Erik Manning as Hed of Ceded Reinsurance, and Hudson Structured promoted Gokul Sudarsana to Partner.
Finally, if you haven't seen them, Artemis has a wealth of data and analytics on the catastrophe bond and broader ILS market. View our charts and Deal Directory.
Catch up on our video interviews with ILS market leaders here.
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We'll be back next week with more regular coverage.
We hope you have a safe & relaxing weekend.
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